Foreclosure Nation

Mortgaging the American Dream

Shari B. Olefson, JD, LLM

Attempts at Relief and Reform

NARs Take on Pending HUD Rules

Posted on Tuesday, February 23, 2010

On HUD's proposed rule to implement the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (the SAFE Act); The SAFE Act requires states to establish loan originator licensing requirements that meet minimum standards. The rule establishes minimum requirements for state licensing, the procedures HUD will use to determine whether a state is in compliance, the actions HUD will take if a state is not in compliance, and HUD's enforcement authority if it operates the system for non-compliant states.